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Hong Kong – Baker & McKenzie Advises On Dynasty REIT’s IPO, First RMB Denominated Equity To Be Listed On The Singapore Stock Exchange.

17 October, 2012

 

 

Baker & McKenzie is acting as counsel to ARA Asia Dragon Fund ("ADF") in relation to Dynasty Real Estate Investment Trust ("Dynasty REIT")'s landmark initial public offering ("IPO") in Singapore. ADF is the seller of the three commercial properties, located in primary commercial centres in Nanjing, Dalian and Shanghai, that will form the initial portfolio of Dynasty REIT. In addition, the Firm is acting as borrower’s counsel to Dynasty REIT on its IPO-related debt financing.
 
Dynasty REIT is the first RMB-denominated equity to be listed on the Singapore Exchange and also the first to use the RMB/SGD dual currency trading platform. Sponsored by ARA Asset Management Limited and managed by ARA Trust Management (Dynasty) Pte. Ltd. (the “Dynasty REIT Manager”), Dynasty REIT will
focus on investing in income-producing commercial real estate in the PRC, as well as real estate-related assets.
 
The Baker & McKenzie team was led by Milton Cheng, partner and head of the Firm’s REIT practice in Hong Kong and China. Partner Edmond Chan and special counsel May Lau are advising ADF on the corporate, M&A and real estate aspects, and special counsel Maureen Chow is advising the Dynasty REIT Manager on
the debt financing aspects of the transaction.
 
Commenting on the deal, Milton Cheng said,
 
"We are delighted to have the opportunity to assist our longstanding clients, ADF and the ARA Group, on this landmark transaction. Our Firm has been involved with the development of their portfolios in China over the years, and we are proud to play a part in the ARA Group's continued growth and expansion across the region."
 
Milton Cheng added, "Dynasty REIT’s IPO heralds an exciting new phase in the internationalisation of the RMB, following on from the IPO last year of Hong Kong-listed Hui Xian REIT, which was the first RMBdenominated international equity IPO. We are pleased to have been involved in both of these pioneer transactions, and look forward to participating in the further development of this exciting market."
 
For further information, please contact:
 
Jamie Kar, Baker & McKenzie
jamie.kar@bakermckenzie.com

 

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